Western Bulk Chartering (Buy, TP: NOK60.00) - A hefty dividend provider
Ahead of the H1 results (due prior to market open on 15 August), we estimate net profit after tax of USD38.3m, in line with the guidance of USD37m–40m. Following a Q2e dividend of cUSD15m, we expect Western Bulk Chartering to have returned nearly 83% of its IPO market cap, highlighting its ability to generate significant shareholder returns. While we keep our view of normalised earnings going into 2023, we have upgraded to BUY (HOLD) and raised our target price to NOK60 (52).
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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